Unfortunately, costs have gradually increased over the past decade. For 2022, this trend continues, with Part B premium costs alone increasing 14.5% versus 2021.
Here’s how things will break down for your clients who have Medicare parts A, B or D.
Medicare Part A Updates
The Medicare Part A premium for 30 quarters (7.5 years) worked, has increased by 5.8% to $274, with a full premium of $499. The Medicare Part A deductible has increased by 4.8% to $1,556.
Coinsurance for days 61 – 90 has increased by 4.8% to $389 per day. Coinsurance for days 91+, or lifetime reserve days, has increased to $778 per day.
It’s important to point out for your Medicare clients that costs for Part A coverage for skilled nursing facilities have also increased. For this, coinsurance for days 21 – 100 has increased by 4.6% to $194 per day.
Medicare Parts B & D Updates
The standard Part B premium has increased to $170.10. As for Part B’s deductible, clients who are Part B beneficiaries will pay $233 before their 20% coinsurance kicks in.
For Medicare Part D drug plans, the maximum deductible has risen by 7.9% to $480.
For your clients who are Part D beneficiaries, they will enter a coverage gap after spending $4,430 on covered drugs. This is $300 more than the previous year. After spending $7,050 out of pocket — a $500 increase from 2021 — these beneficiaries are out of the coverage gap and enter catastrophic coverage.
LEGAL DISCLAIMER: The above is meant to be strictly educational and not intended to provide medical advice or solicit the sales of an insurance product or service of any kind.